Granite Ridge Resources (NYSE:GRNT) Posts Quarterly Earnings Results, Beats Expectations By $0.01 EPS

Granite Ridge Resources (NYSE:GRNT) posted its quarterly earnings results on Thursday. The company reported $0.09 EPS for the quarter, topping the consensus estimate of $0.08 by $0.01, Zacks reports. Granite Ridge Resources had a negative net margin of 5.56% and a positive return on equity of 4.60%. The business had revenue of $149.27 million during the quarter, compared to analysts’ expectations of $139.44 million.

Granite Ridge Resources Stock Up 4.6%

Shares of Granite Ridge Resources stock traded up $0.21 during midday trading on Friday, reaching $4.87. 1,425,825 shares of the company’s stock traded hands, compared to its average volume of 712,207. The company has a market cap of $642.75 million, a price-to-earnings ratio of -23.20 and a beta of 0.20. The company’s 50 day simple moving average is $4.67 and its 200 day simple moving average is $5.08. The company has a debt-to-equity ratio of 0.73, a quick ratio of 0.93 and a current ratio of 0.93. Granite Ridge Resources has a 52 week low of $4.18 and a 52 week high of $6.14.

Granite Ridge Resources Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 14th. Stockholders of record on Friday, August 28th will be paid a dividend of $0.11 per share. The ex-dividend date is Friday, August 28th. This represents a $0.44 annualized dividend and a dividend yield of 9.0%. Granite Ridge Resources’s dividend payout ratio is -176.00%.

Insider Buying and Selling at Granite Ridge Resources

In other Granite Ridge Resources news, CFO Ronald Kyle Kettler acquired 6,000 shares of the firm’s stock in a transaction that occurred on Wednesday, May 27th. The stock was purchased at an average cost of $5.08 per share, for a total transaction of $30,480.00. Following the completion of the acquisition, the chief financial officer owned 129,276 shares of the company’s stock, valued at approximately $656,722.08. This trade represents a 4.87% increase in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Matthew Reade Miller bought 10,600 shares of the stock in a transaction on Tuesday, June 9th. The shares were acquired at an average cost of $4.75 per share, for a total transaction of $50,350.00. Following the completion of the transaction, the director directly owned 1,360,813 shares of the company’s stock, valued at approximately $6,463,861.75. The trade was a 0.79% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Insiders acquired a total of 148,780 shares of company stock worth $798,208 in the last 90 days. 8.60% of the stock is currently owned by company insiders.

Institutional Trading of Granite Ridge Resources

Several large investors have recently made changes to their positions in GRNT. Osaic Holdings Inc. boosted its holdings in Granite Ridge Resources by 264.2% during the second quarter. Osaic Holdings Inc. now owns 5,506 shares of the company’s stock valued at $35,000 after acquiring an additional 3,994 shares during the period. EverSource Wealth Advisors LLC increased its stake in shares of Granite Ridge Resources by 2,398.3% in the second quarter. EverSource Wealth Advisors LLC now owns 5,721 shares of the company’s stock worth $36,000 after purchasing an additional 5,492 shares during the period. OpenArc Corporate Advisory LLC bought a new position in shares of Granite Ridge Resources in the fourth quarter worth about $52,000. Tower Research Capital LLC TRC lifted its position in shares of Granite Ridge Resources by 103.0% during the 2nd quarter. Tower Research Capital LLC TRC now owns 9,133 shares of the company’s stock worth $58,000 after purchasing an additional 4,635 shares during the last quarter. Finally, Wilmington Savings Fund Society FSB lifted its position in shares of Granite Ridge Resources by 35.5% during the 3rd quarter. Wilmington Savings Fund Society FSB now owns 11,499 shares of the company’s stock worth $62,000 after purchasing an additional 3,010 shares during the last quarter. Institutional investors own 31.56% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the stock. Stephens cut their target price on shares of Granite Ridge Resources from $12.00 to $11.00 and set an “overweight” rating for the company in a research report on Friday, May 8th. Zacks Research cut shares of Granite Ridge Resources from a “hold” rating to a “strong sell” rating in a report on Wednesday, July 22nd. Weiss Ratings cut shares of Granite Ridge Resources from a “hold (c)” rating to a “sell (d+)” rating in a report on Friday, May 22nd. Northland Securities assumed coverage on shares of Granite Ridge Resources in a research note on Wednesday, July 8th. They issued an “outperform” rating and a $9.00 price target on the stock. Finally, Wall Street Zen lowered Granite Ridge Resources from a “hold” rating to a “sell” rating in a report on Saturday, August 1st. Two investment analysts have rated the stock with a Buy rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, Granite Ridge Resources presently has an average rating of “Hold” and an average target price of $10.00.

About Granite Ridge Resources

Granite Ridge Resources, Inc operates as a non-operated oil and gas exploration and production company. It owns a portfolio of wells and acreage across the Permian and other unconventional basins in the United States. Granite Ridge Resources, Inc is based in Dallas, Texas.